Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 83.58 with take profit at 83.68
Bearish Preference:
A Sell position is envisaged if the price trades below 83.19 with take profit at 83.10
Fundamentals:
No major fundamental
Comment:
Oil prices fell on Tuesday, pulling back sharply from a recent recovery as markets hunkered down ahead of several more cues on U.S. monetary policy this week, while strength in the dollar also weighed. Focus this week is squarely on the minutes of the Federal Reserve’s February meeting, due on Wednesday, as well as a slew of Fed speakers this week. The minutes are largely expected to reiterate the central bank’s hawkish outlook.
Analysis: SCRUM Team
